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FASB Takes Heat on Impairment Proposal

Tammy Whitehouse | February 8, 2016

The Financial Accounting Standards Board is facing some fresh political pressure from Congress, this time to answer the outcry of smaller financial institutions objecting to FASB’s planned change to financial instrument impairment rules.

FASB held an open meeting with community bankers to air a “constructive dialogue” about concerns over FASB’s planned model for how to require entities to recognize loan losses in their financial statements. FASB’s “current expected credit loss” model would answer shortcomings in accounting rules exposed during the financial crisis that delayed notice to investors where financial institutions saw signs of distress in their loan portfolios.

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